I would request they pay rent the usual way, and then you can decide whether or not you want to utilize the app in the future. 

Then sell the property and start doing fix and flip or fix and rent. ( I prefer to sell this property as it 100km away from my student rentals. ) Not sure if I should renovate the lower unit to sell.

Then add a couple investment properties to be held in title by one LLC together.

It went from a rundown home and outdated in every aspect to an up to date property that I rented for 2 and a half years then sold What was the outcome?

Quote from @Torrean Edwards: Early in my investing career, I had some success, but then the crash happened.

I am exploring the possibility of purchasing an off market plot of land, building a modular home, and then selling it.

My inclination is to suggest paying back the PML 70% of the land proceeds (presumably $168K) at that closing and then hold the remaining loan until I sell the house. 

After it closes, if he then gifts you back the profits, now that could be a second gift from him to you. 

I have succesfully done this on IGMS PMS software.I would also make sure your email is listed on their VRBO account. you will then be able to get inquiries and messages on your email account so you know when someone messages.

I would consider the returns you have now - then run a different scenario where you put that money in a basic S&P 500 tracker.